Tri-Cities Shopping Center - Mt. Dora, FL

JLL CAPITAL MARKETS, as exclusive broker, is pleased to offer the exceptional opportunity to acquire Tri-Cities Shopping Plaza, the 76,172 square foot investment-grade community center anchored by Ross Dress for Less, TJ Maxx and Dollar Tree that is located in the booming retiree community of Mount Dora (Orlando), Florida.

IDEAL RATIO OF CATEGORY-LEADING ANCHORS.  Over 77% of the GLA and 73% of the Revenue at the Property are generated by investment grade national anchors TJ Maxx (S&P: A), Ross Dress for Less (S&P: BBB+), and Dollar Tree (S&P: BBB), which have favorable health ratios and provide for a stable and reliable cash flow.

ATTRACTIVE, SEPARATELY-PARCELED REGIONAL URGENT CARE INCLUDED. Outparcel prominently situated along US Highway 441 (49,000 VPD) is included in the offering and adds versatility for greater investment flexibility.

POTENTIAL TO ADD SQUARE FOOTAGE. With an oversized parking area and recent demand by other national retailers, there may be the potential to add additional square footage to underutilized areas of the Property.

TREMENDOUS STABILITY AND TENANT RETENTION. Excellent tenant retention as the weighted average shop historical term is nearly 9.5 years, with both Papa John’s and China 8 Restaurant having been at the Property for nearly 22 years. 

IDEAL ORLANDO MSA LOCATION. The Orlando MSA’s population growth in 2020 ranks it as the third fastest growing market in the United States as it outpaces fast-growing metros such as Atlanta, Austin, and Tampa.

DOMINANT RETAIL CENTER OF GRAVITY WITH EXTENDED DRAWING RADIUS. The Property is located in Mount Dora’s main retail hub as nearby national tenants within 0.5 miles of the Property act like shadow anchors including: Hobby Lobby, Walmart Supercenter, Target, ALDI and EPIC Theaters. Further, the nearest Ross Dress for Less and TJ Maxx stores are located 16+ miles away, providing an extended customer drawing radius.

BOOMING RETIREE COMMUNITY. 42.4% of the residents are aged 55+ within a 15-minute drivetime of the Property, nearly 50% greater than the Orlando MSA average, in an area that has grown an outstanding 51.2% since 2000 and is projected to grow another 9.2% over the next 5 years.

EMERGING LAKE COUNTY MEDICAL HUB. Located 2 miles west of the Property, AdventHealth Waterman sees over 67,000 patients annually and recently completed a 111,000 SF, $85 million expansion in 2019, increasing their bed count from 269 to 311.